China is now the world's second-largest wealth management market, bringing both opportunities and challenges for private banking business. As HNWIs’ wealth continues to grow in Asia, highly dynamic emerging markets like China. In China, Wealth managers that are able to adapt to these countries’ unique digital ecosystems gain access to a large share of HNWIs’ assets which are still under-served by wealth management institutions and their traditional channels.
For an in-depth assessment of the current situation, the report profiles the digital offerings of the ten leading wealth managers in each market. The strengths and weaknesses of each wealth manager’s websites, mobile apps, social media presences and overall digital strategy are evaluated separately along 22 19 criteria for China.
In total, the report evaluates more than 100 websites, mobile apps and social media presences targeted at HNWIs in China. The learning points of this benchmarking allow us to make clear recommendations for wealth managers who are planning to gain entry to the markets or who are aiming at strengthening their market position and brand.
The report also evaluates the current competition in China’s wealth management industry, benchmarks the best practices in the market, the key products that are being sold and outlines the future of the competition and regulatory environment of the market.
The report also consists of a survey of 100 senior bankers working in wealth management in China, many of them coming from the country’s big-four banks to the joint stock banks, along with relationship managers for international banks.
While wealth managers in China have to take into account the expansion and strong reputation of technology providers such as Tencent and Alibaba in the financial markets. The report details and analyzes some of many differences in client needs and expectations to derive data-driven recommendations for wealth managers planning to enter and succeed in China.
Table of Contents
1. Executive Summary
2. The Dragon Banker’s methodology
3. HNWI’s Opportunities in China for HNWIs
4. The Current State of the Wealth Management Market in China
5. Unique Wealth Management Services in China
6. Current Insights into the Drivers of China's HNWIs’ Wealth
7. Note on Regulations Impacting China’s Wealth Management Sector
8. The Psychological and Behavior Makeup of China’s HNWIs
9. Market Sizing of China’s HNWI
10. Growth Challenges for Banks in China’s Wealth Management Industry
11. Current Competition Amongst Banks for HNWI Clients and SWOT Analysis
Who should invest this report?
• All local banks in China who are competing in the wealth management space.
• International banks who are involved and competing in China’s wealth management and private banking space.
• Insurance companies that are seeking to gain a deeper understanding of the competitive landscape and opportunities in China’s market.